Cleveland-based KeyCorp said Friday that it priced $1.65 billion in new securities, including $1 billion of common stock, at $11.75 a share. It also issued $650 million of preferred shares yielding 7.75%. The preferred shares will be convertible at any time at the holder's option into 7.0922 KeyCorp common shares, at a conversion price of $14.10 per common share. See full story

U.S. foreclosure activity up 7% in May, RealtyTrac says

U.S. foreclosure activity rose 7% in May, or up 48% from the same period last year, RealtyTrac said. The report also shows one in every 483 U.S. households received a foreclosure filing during the month, the highest monthly foreclosure rate since RealtyTrac began issuing the report in January 2005. It's the third monthly rise in a row and 29th straight year-on-year increase. See full story

Analyst: Merrill will post 2Q loss, may need to raise capital

Brokerage Merrill Lynch and Co. may attempt a capital raise and is considering selling stakes in data provider Bloomberg or money manager BlackRock Inc., an analyst at Lehman Bros. Holdings said in a research note Friday. Analyst Roger Freeman also projected that Merrill will post a loss for the second quarter and cut his earnings per share estimate for the bank for the second quarter to a loss of 64 cents a share from a profit of 27 cents a share. See full story

CPI rises 0.6% on back of surging energy prices

U.S. consumer prices rose at the fastest pace in six months in May, bolstered by surging energy prices, the Labor Department reported Friday. The seasonally adjusted consumer price index rose 0.6% in May, worse than the 0.5% gain expected by economists. The core CPI, which excludes food and energy prices, rose 0.2% as expected. See full story.

AIG group tied to swaps draws focus of probes

Government probes of American International Group Inc. have cast a spotlight on its entrepreneurial financial-products business, which has been the source of profits and controversy over the years. The probes, by the Securities and Exchange Commission and the U.S. Justice Department, center on whether the insurer and its financial-products division intentionally overstated the value of contracts linked to subprime mortgages. See full story at WSJ.com

Credit-card charge-offs rise In April, delinquencies dip

Credit-card charge-offs continued to rise in April, but the delinquency rate fell slightly, according to Standard & Poor's. The firm said charge-offs rose 0.20 percentage point to 5.9%, still below the average high of 7% in 2002 and 2003 and the average 6.4% of the first half of the decade. See full story at WSJ.com

Lehman's Fuld lost $180 million since stock peaked last year

Richard Fuld, Wall Street's longest- serving chief executive officer, lost $180 million since Lehman Brothers Holdings Inc. peaked last year as the credit-market contraction wiped out more than $30 billion of market value. See full story at Bloomberg.com

Goldman, banks discount `Big Brother' loans by 27.5%

Banks led by Goldman Sachs plan to sell loans used in the leveraged buyout of Endemol NV, the Dutch television producer of ``Big Brother,'' for as little as 72.5 cents on the dollar, said four people with knowledge of the deal. See full story at Bloomberg.com

Downey Financial posts 9-fold rise in bad loans from last year

Downey Financial Corp
DSL, +0.43%
one of the largest savings and loan holding companies in California, said one seventh of its total assets were non-performing assets with a nine-fold rise in bad loans for May from a year ago, as the weak housing market continued to hurt. See full story at Reuters.com

U.S. leveraged buy-outs hit as economy slows

The financial health of the large number of US leveraged buy-outs is deteriorating more than other parts of the debt market as the economy slows and the credit markets remain shut to debt-laden companies, Fitch Ratings says in a study to be released on Thursday. See full story at FT.com

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